Greencore announces rise in profits

Greencore has announced an 8% increase in pre-tax profits to €73m before exceptional items for the year to the end of September.

The total dividend for the year is 12.63 cent, in line with last year, while sales were up 4% to €1.4bn.

Financial highlights

* Profit before tax* up 8% to €73.0m

* Headline EPS up 6% to 32.4 cent

* 4% overall like-for-like sales growth

* Net interest down 21% to €32.5m

* Net debt down €43 million to €387m

* Successful refinancing of banking facilities following raising of $302m (equivalent) in US private placement

Commenting on the results, Greencore Group chief executive, David Dilger, said: ”I am pleased with these results. Against the background of a difficult first half caused by adverse raw material pricing, Greencore has demonstrated its resilience by achieving good profit growth and cash generation in FY2004.

“I am confident that our strategy, the quality of our market positions and our complementary growth and cash generative characteristics position us well for further progress.”